Canada industrial product prices for June 0.0% vs 0.2% expected

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Canada industrial product prices for June 0.0% vs 0.2% expected

• Prior IPPI prices 0.0% revised to 0.2%
• IPPI prices 0.0% versus 0.2% expected
• IPPI prices YoY 2.8%
• Raw material price index -1.4% versus -0.7% expected.  Prior month -1.5%
• RMPI YoY +7.5% for the 4th consecutive year-over-year increase. Base executed the level year-over-year increase as the RMPI fell -5.4% in May. THe June 2023 number showed at -2.0% decline which dropped out of the YoY increase this year.   The price of metal ores, concentrate and scrap fell -5.5% were the mystery to be June 2003 decrease, while the prices of crude energy dropped-9.8% in May 2023

Details of IPPI prices:

• Prices for meat, fish, and dairy products: +2.4%. That was the largest contributor.  4th straight increase
  • Fresh and frozen beef and veal: +5.6%
  • Fresh and frozen pork: +4.6%
• Prices for pulp and paper products: +1.7%
  • Wood pulp: +2.9%
• Prices for primary non-ferrous metal products: -0.4%
  • Unwrought nickel and nickel alloys: -10.3%
  • Unwrought copper and copper alloys: -4.5%
• Prices for energy and petroleum products: -0.4%
  • Finished motor gasoline: -3.5%
  • Diesel: +3.3%

Details of the raw material price index:

• Crude energy products: -1.2%

  • Synthetic crude oil: -3.1%
  • Conventional crude oil: -0.1%
  • Key details: Decline driven by OPEC+ announcement on phasing out production cuts, later price rebound due to geopolitical tensions.

• Metal ores, concentrates, and scrap: -1.7%

  • Nickel ores and concentrates: -10.4%
  • Iron ores and concentrates: -9.4%
  • Copper ores and concentrates: -7.1%
  • Key details: Price declines influenced by Chinese market dynamics, rising stockpiles at Chinese ports, and soft demand for steel in China.

• Crop products: -1.9%

  • Canola: -5.6%
  • Wheat: -3.5%
  • Key details: Improved North American canola production expectations and pressure to sell harvested wheat in overseas markets.

                This article was written by Greg Michalowski at www.forexlive.com.

Source: Canada industrial product prices for June 0.0% vs 0.2% expected

forexlive.com